Renaissance Learning sets pricing on $230 million six-year term loan

By Paul A. Harris

Portland, Ore., Oct. 18 - Renaissance Learning Inc. set pricing on its $230 million six-year term loan B on Thursday, according to a market source.

The deal is talked at 450 to 475 basis points spread to Libor, with a 1.25% Libor floor, at 99, with a 101, one-year soft call.

Commitments are due on Wednesday Oct. 31.

RBC Capital Markets LLC and BMO Capital Markets Corp. are the lead banks on the deal.

The $250 million credit facility also has a $20 million revolver.

Proceeds will be used to refinance existing debt.

With this transaction, the company's existing first-lien term loan will be repaid at par and its existing second-lien term loan will be repaid at 103.

Renaissance Learning is a Wisconsin Rapids, Wis.-based provider of technology-based school improvement and student assessment programs for K-12 schools.

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